![]() ![]() Your application may have errors on the contract, including the wrong name, wrong bank routing number, or incorrect bank account number. If you have received and signed a contract, but it hasn’t been funded, there could be a few reasons. To be proactive, provide any of the following: articles of incorporation, utility bill showing address, Secretary of State filing, EIN letter or other government-issued documentation to prove your business is legitimate and you are the business owner (the lender needs to connect the owner to the business with proper documentation). If you have an SBA number but no contract yet, your application is likely undergoing or did not pass a fraud review, document review or a quality control review. First draw loan number cannot be validated - Borrower either entered invalid number or didn’t fill out a real number at all. ![]() They didn’t receive their EIDL between those dates. Answer question 4 incorrectly on application - Borrower marked “yes” to question 4 (received EIDL between - ) when they should have marked “no”.Borrower needs to fill out second draw application. Borrower filled out the wrong application - First draw application was submitted to SBA but the borrower already had a first draw.First draw loan booked under the wrong TIN Type - Must be resolved with cooperation of first draw lender and the SBA as it’s only fixable within ETRAN.Duplicate submission - Borrower filled out an application with another lender and that other lender submitted it to the SBA.Here are the top 5 reasons that applications are being held by the SBA: The most common reason for a review is a duplicate submission, meaning the borrower filled out an application with another lender who has already submitted it to the SBA. There are several different reasons an application may be under review. If you have provided all of the documentation and still don’t have an SBA number, it is likely that your application has been declined by the SBA or is under review. You need to provide all of the required documentation the more you give, the better. If you don’t have an SBA number yet, it means that your application is likely incomplete. Didn’t Receive An SBA Number + SBA Errors and Hold Codes If you can, go above and beyond by providing any of the following to prove your business legitimacy: articles of incorporation, utility bill showing the address of the business, a Secretary of State filing or EIN letter. Additionally, include a valid voided check, complete business tax returns (ideally from 20), a complete and signed application, a document proving you were in business before Feb. Regardless of business entity, however, there are a number of things that you absolutely must have, and a few things that will definitely help along the way.Įach application must include the front and back of a driver’s license or government-issued ID for each business owner who owns more than 20%. The more documentation you can provide, the better. With each business entity comes different requirements, so be sure you provide the required documents for your business type. It will also give lenders until June 30 to fund PPP loans.ĭocumentation is critical in this round. Congress has just passed legislation that will extend the application deadline to May 31, 2021. ![]() As of this writing, only 74% of the $284 billion in PPP funds have been approved. FALLON/AFP via Getty Images) AFP via Getty Imagesīy now, we know the latest round of the Paycheck Protection Program (PPP) is moving much slower than the first rounds did. Fallon / AFP) / TO GO WITH AFP STORY BY JOHN BIERS "Covid-19 dampens holiday cheer for Black small businesses" (Photo by PATRICK T. The new rules mean Hotville Chicken, a south Los Angeles restaurant specialzing in "Nashville-style" spicy dishes, will have to shut its outdoor eating space after already closing the dining room. But rising coronavirus cases have prompted fresh restrictions in Los Angeles and elsewhere. "Black Friday" normally kicks off the holiday shopping season the morning after Thanksgiving. It's been a rough year for Black-owned small businesses, and the latest surge in coronavirus cases suggests a festive season without much celebration. Land" in the Leimert Park neighborhood of Los Angeles, California, November 24, 2020. James Fugate, co-owner of Eso Won Books, arranges copies of President Obama's memoir "A Promised. ![]()
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